With the strong comeback made by ETC in the current week, the probability of moving upwards in the ranking tally has greatly improved. ETC is marginally short of dethroning Uniswap for the 18th position. In the last thirty days alone, ETC has gained significant value, while the last one-year outlook has returned to the greener number.
Once the merger of ETH is completed, ETC will become a strong option for mining and securing higher rewards. The technical outlook has thus transformed into a positive direction as ETC became the only token till 19th rank to have a positive number on year-to-date price action.
Ethereum Classic takes a positive stand by reaching the support level of the previous swing. The technical outlook remains mildly consolidative with a probable positive breakout. The resistance faced in July and August can pose some trouble for the enthusiastic buying activity seen in ETC cryptocurrency. Check out our Ethereum Classic price prediction to know the best buying level and enhance your investment portfolio.
Taking support from the lower band of its consolidation zone developed in the last week of July indicates the revival of profit booking sentiment above $40. This repeated action of Ethereum Classic has weakened the buying sentiment to some extent, but it’s not enough to halt the upside possibilities. August 25 started with a positive note but ended with some profit booking action seen during the last few hours, which is being carried forward today. The negative outlook developed has a resistance at $37, which will halt any positive breakout attempt for ETC cryptocurrency.
The wide consolidation zone has aided ETC’s positive trend thrice, while the upper band has posed a resistance twice. In case this history is not repeated in the current attempt to retest $40, higher price action can be expected to move above the $50 mark. Since the current value of ETC is trading above 200 days moving average, a high degree of confidence can be associated with a positive outlook. The formation of wicks or bottom buying ended on August 25, a strong uptrend signal for ETC.
Immediate support of Ethereum Classic should be expected above $30 while resistance is already present near $40. The mean consolidation between these two levels requires a strong crossover and breakout.
Ethereum Classic broke its six-week uptrending streak last week, with the outlook turning negative within a week. Losing significant value in a week reminded investors of repeated profit booking that was seen previously, but ETC came back with a strong hand that is facing similar resistance from sellers. ETC has thus gained decently of its lost grounds, with both the technical indicators showcasing a positive outlook in the longer duration.
